Navy Federal Credit Union 2005 Annual Report Download - page 29

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their last examination
disclosed that Navy
Federal continues to
be financially sound.
Acting as your
ombudsman, the
Supervisory Committee
assures that all mem-
bers are treated fairly
by maintaining an open
communication with
the membership.
Throughout the year,
the committee reviews
and responds in writing to all letters and e-
mails it receives from the membership. Both
the membership and the management of
Navy Federal benefit from this open commu-
nication because your individual concerns
are addressed on a personal basis, and your
comments help to ensure that Navy Federal
maintains the highest level of service to
its members.
Based on the results of the quarterly
audit procedures and the Annual Report of
Independent Auditors and the Examination
Report of NCUA, it is the opinion of your
Supervisory Committee that Navy Federal
continues to be financially strong and well-
managed, with sound policies and programs.
27
supervisory
committee
The Supervisory Committee, in compli-
ance with the Federal Credit Union Act and
Navy Federal’s bylaws, independently evalu-
ates the soundness of Navy Federal’s opera-
tions and activities. The Committee helps to
ensure that management protects and safe-
guards assets by implementing sound inter-
nal controls and by maintaining practices
and procedures that comport with generally
accepted accounting principles. The commit-
tee also ensures that Navy Federal’s audited
financial statements provide a fair and accu-
rate representation of Navy Federal’s finan-
cial condition.
The Supervisory Committee employs
the independent accounting firm of
PricewaterhouseCoopers LLP (PwC) to
assist in meeting its responsibilities. The
Committee meets regularly with PwC to
evaluate audit results and to plan future
audit work. PwC conducts quarterly proce-
dures related to selected operations, and
performs a comprehensive audit of the credit
union’s year-end financial statements. PwC’s
year-end audit, The Report of Independent
Auditors, appears in this Annual Report.
The National Credit Union Administration
(NCUA), the regulatory agency for all federally
chartered credit unions, performs periodic
supervisory examinations. The results of
Michael C. Wholley
Chairman
from left to right
Michael C. Wholley, Chairman
Vernon Hutton III
Timothy G. Haddix
Sean Paul McGurk
Joseph P. Mulloy
Terry D. Scott